Countrywide Datapoint of the Day

Countrywide is now trading at a price/book

ratio of 0.39. The collapsing share price now looks increasingly like a

self-fulfilling prophecy: the number of entities willing to lend Countrywide

a few billion more, when its entire market cap is now floating around the $5

billion mark and it has total debt of $122 billion, can probably be counted

on the fingers of one thumb. I wonder what the mark-to-market value of Bank

of America’s $2 billion in convertible bonds is? Boy was I wrong

about that investment.

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